Calculating Return on a house for rent

[Peter S.]

Hello all, I have a numbers based question that I can't quite figure out. I currently own my home and have a mortgage on the property. I am looking at potentially buying a new home and renting out my current residence. Since I purchased it in 2010, I have a low interest rate and overall payment. Is ROI the appropriate metric to use in this situation? If so what is the best way to figure it out? Or is there another formula I should be using to help me decide what to do?